A MAJOR meeting of business leaders to discuss the formation of a new Local Enterprise Partnership has been described as one of the most important for a generation in Coventry and Warwickshire.

The Coventry and Warwickshire Chamber of Commerce called the meeting at its headquarters in Binley to get feedback from companies across the region on the role, geography and governance of an LEP.

The new coalition Government wants business to be equally represented on the new partnerships – after announcing the abolition of Regional Development Agencies – with civic leaders but their exact remit has not yet been decided.

Businesses representing at least 25,000 employees and more than £16 billion worth of turnover attended the meeting.

David Frost, the director general of the British Chambers of Commerce, was also on hand to give a national perspective on the formation of LEPs.

A draft proposal for a LEP for the area is now being drawn up and, once agreed, will be submitted to the Government.

Business leaders claim the meeting proved crucial as businesses gave the conditions needed to grow the economy.

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “We were delighted with the response and the turnout which highlighted just how crucial this is as an issue in our region.

“It is a seen as a once-in-a-lifetime opportunity to shape the economic future of the region and it is certainly one of the most important we have held here at the Chamber.

“The draft proposal for the LEP is now underway and we will take the thoughts and comments from this meeting into that.

“But we are absolutely clear that this must not be a talking shop. It must take a form that allows businesses to decide the conditions it needs to grow the economy and then have the means to put those conditions in place.

“This is not going to take the form of going to central Government for a grant – it should be the beginning of a demand-led economy in Coventry and Warwickshire.”

The coalition Government announced earlier this month it will scap all 12 regional development agencies, including Advantage West Midlands by 2012, pending a Commons vote. AWM has provided grants and other help to Coventry and Warwickshire firms after being set up ten years ago to boost investment and help the West Midlands compete with the more prosperous south.

The Government claims that abolishing RDAs will save £2 billion, but business experts say that region-wide work by Advantage West Midlands has been important in helping businesses in the recession, and has efficiently cut its £200 million budget.

The draft LEP is expected to be posted on the Chamber website in the next two weeks and has to be submitted before the Government deadline of September 6.

Ms Bennett added: “We have a drafting team working on the document now, and this meeting will provide a wealth of input to help us draw up something which is not only innovative, but will stand this area in very good stead economically for the foreseeable future.”

Figures supplied by AWM show that 15,000 Coventry and Warwickshire businesses have been helped with grants loans or advice.